Goldman Sachs has named R. Martin Chavez as the new Chief Information Officer less than a month after Goldman Sachs suffered a high profile trading systems glitch, potentially costing the firm millions of dollars and prompting an internal review. Chavez will replace Steve Scopellite who has been with Goldman Sachs since 1986 and served as the firm’s co-CIO since 2007, and the sole CIO since 2011. Scopellite is expected to continue his duties until the end of the year.
New Strategy and Standard Underway
Chavez, who joined Goldman Sachs in 1993, will report to Jeffrey W. Schroeder, the firm’s chief administrative officer. According to the memo signed by Harvey Schwartz, Goldman’s finance chief; Lloyd Bankfein, chief executive officer; and Gary Cohn, the firm’s president, “Marty will set the firm’s technology strategy and standards, further unify our technology platform and tools and work with business units to embed and optimize technology across the firm.”
As we have discussed in prior blogs on how to use Triggers, this leadership change creates real selling opportunity. Prior to being named CIO, Chavez served as the firm’s co-chief operating officer of equities; so that vacated position is now open for new inputs. In addition, Chavez brought along, Don Duet and Paul Walker to co-head the company’s Technology Division, and report directly to Chavez. Use this Infographic to see where all your potential opportunities come from.
A recent research report we conducted showed that 19% of IT Leaders spend more than $1 Million in the first 3 months of being in the position.